UK Law Commission Seeks To Classify Cryptocurrencies As “Property” In New Draft Bill
Freshly proposed UK legislation would see cryptocurrencies officially classified as a new form of property, establishing greater legal certainty around digital assets at large.
On Thursday, the Law Commission of England launched a consultation exercise on its proposed legislation, which is designed to clarify “a position that courts have been increasingly moving towards.” It expects responses within one month.
“We conclude that the flexibility of common law allows for the recognition of a distinct category of personal property that can better recognize, accommodate and protect the unique features of certain digital assets (including crypto-tokens and cryptoassets),” the commission wrote.
The proposal is a follow-up to the statutory body’s report on digital assets released in July 2023, recommending legislative changes that would remove any legal uncertainty around digital assets.
If passed, the bill would help enforce property rights around crypto in heretofore legal grey areas.
IMO Stable Coin legislation is around the corner – exploding crypto marketcaps 10-20x.
Continuing from my previous post theme earlier – the UK has now expidited legislation to recognize crypto as property.
Read more on cryptonews.com
